It wasn’t long ago that IPOs in emerging markets felt like a distant vision.Between global uncertainty, cautious investors, and shaky public markets, the idea of a venture-backed startup going public seemed… unlikely. But 2024 changed the tone.Across MENA,Southeast Asia and Africa, governments made listings a policy priority, sovereign wealth funds stepped up as anchor investors, and startups that once planned for long-term private growth began preparing for the public stage. MAGNiTT’s latest State of IPOs in Emerging Venture Markets report breaks this shift down through three simple but powerful charts:1. Global Markets Are Stabilising — But The Optimism Is CautiousGlobally, IPO volumes remain below their 2021 peak, but proceeds inched upward in 2024 — signaling cautious optimism.The sharp rebound of activity in Q4 2024 was driven by softer inflation and a 100 basis point interest rate cut by the U.S. Federal Reserve, which boosted investor appetite and encouraged issuers to move forward with delayed listings.Priority was given to companies with strong cash flows, clear governance, and resilient demand profiles were favoured, while unprofitable or hype-driven firms faced continued resistance. Industry-wise, Technology, Media, and Telecommunications, Industrials and Consumer focused companies led the charge.2. EVMs Activity: From Sporadic Listings to Sustainable PipelinesEmerging Venture Markets captured 14% of global IPO proceeds in 2024, more than doubling their share since 2020.Listings from companies like Talabat, Lulu Group, and Fawry were headline moments. But it’s the next wave that’s even more exciting: VUZ, Salla, and iMENA Group are among the venture-backed startups now actively preparing to go public.Overall, MENA, Southeast Asia, and Africa have collectively evolved into credible IPO destinations, supported by exchange reforms, rising domestic capital pools, and strategic state driven listings.3